Men Who Operated "Boyz Toyz" Company Indicted on Federal Bank Fraud Charges
Las Vegas, Nev. - Two local men have been charged with conspiring to defraud local banks by recruiting individuals to purchase expensive vehicles using false information, taking possession of those vehicles and leasing them to others for high fees, announced Daniel G. Bogden, United States Attorney for the District of Nevada.
GHANI AHSAN, a/k/a Guy Atkins, age 31, and SHARAZ NAZ, a/k/a Ali Naz, a/k/a David Ali, age 25, both of Las Vegas, were indicted today by the Federal Grand Jury on Conspiracy and Bank Fraud charges. AHSAN is charged with one count of Conspiracy (to commit bank fraud) and 12 counts of Bank Fraud, and NAZ is charged with one count of Conspiracy (to commit bank fraud) and 7 counts of Bank Fraud. If convicted, they are facing up to 30 years in prison and a $1,000,000 fine on each count.
According to the court records, in April 2004, GHANI AHSAN and SHARAZ NAZ formed a limited liability company with the Nevada Secretary of State called Lease Boyz Toyz Ltd., a/k/a Boyz Toyz, a/k/a leaseboystoyz.com, a/k/a leaseourdreams.com (hereinafter "Boyz Toyz"), located at 5836 South Pecos Road, in Las Vegas. The defendants allegedly devised a scheme to defraud financial institutions by recruiting straw buyers with good credit ratings to participate in a program identified as the "Credit History Investment Program" (CHIP). The straw buyers entered into an agreement with the defendants to obtain loans to purchase luxury vehicles. AHSAN and NAZ agreed to make all loan payments, provide insurance, and bear all responsibility for the vehicle. In return, the straw buyers were paid between $1,000 and several thousand dollars for each vehicle purchased on behalf of "Boyz Toyz."
The defendants allegedly pre-arranged many of the vehicle purchases and loan transactions with car dealership employees. Although no dealership employees are charged in the Indictment, the defendants allegedly paid some dealership employees for their participation in the scheme to defraud. At the dealerships, the defendants controlled the transactions and instructed the straw buyers to insert false personal information into the credit applications. In some instances, the straw buyers traveled to multiple car dealerships on the same day to purchase vehicles, without disclosing on the credit applications the other car loans the straw buyer had obtained on behalf of "Boyz Toyz."
The court records allege that in most instances, the defendants took immediate possession of the vehicles. The defendants then leased the vehicles to individuals, such as pimps, prostitutes, and drug dealers, in exchange for large down payments and high monthly fees, and stopped making the loan payments to the financial institutions.
Between April 2004 and February 2005, the Indictment alleges that the defendants caused or attempted to cause 10 straw purchasers to apply for automobile loans for 29 vehicles. The vehicles included late model Land Rovers, Hummers, BMW's, Porsche's, Cadillacs, Lincolns, and Mercedes.
According to the Criminal Complaint filed at the time of the defendants' arrest, law enforcement officers believe the loss to the financial institutions is approximately $2.5 million. The scheme was originally uncovered after detectives with the Las Vegas Metropolitan Police Department received several complaints from the auto financing branches of major banks. One of the banks filed a lawsuit against "Boyz Toyz" in February 2005 in Clark County District Court.
The defendants are in custody, and are scheduled to appear before a U.S. Magistrate Judge on March 28, 2005, for an Arraignment on the Indictment.
The investigation is ongoing, and is being conducted by Special Agents with the FBI and Detectives with the Las Vegas Metropolitan Police Department Fraud Unit. The case is being prosecuted by Assistant United States Attorney Brian Pugh.
The public is reminded that an indictment contains only charges and is not evidence of guilt. The defendants are presumed innocent and is entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.
